Polkadot’s DOT Sinks Over 5% as Selling Pressure Breaks Key Support
Polkadot’s DOT token dropped more than 5% in the past 24 hours, falling from $3.76 to $3.56 amid intensifying market-wide selling, according to CoinDesk Research’s technical analysis.
The decline followed an intraday high of $3.87 on July 31, where bullish momentum quickly faded. A wave of heavy selling emerged on August 1, pushing DOT below key levels with volume surging above the 24-hour average of 3 million tokens during critical breakdown phases.
The technical model now identifies fresh support between $3.55 and $3.58, while resistance has been established at $3.68. A decisive breach of the $3.60 level during the final hour of trading signaled a bearish shift and confirmed the lower support zone.
Notably, sharp volume spikes exceeding 200,000 tokens were recorded between 13:45 and 13:54 UTC, underscoring aggressive sell activity. However, a sudden drop in volume during the final three minutes of trading suggests short-term market fatigue.
At last check, DOT was trading near $3.64, down 5.3% on the day. The broader market also faced pressure, with the CoinDesk 20 Index — a gauge of top digital assets — declining 3.7% over the same period.
Technical Breakdown:
- DOT fell from $3.76 to $3.56, down 5% in 24 hours
- Intraday high of $3.87 hit on July 31 at 16:00 UTC
- Volume surged above daily average during selloffs
- Resistance at $3.68 confirmed; $3.67 acts as secondary cap
- Support formed at $3.55–$3.58 following $3.60 breakdown
- Volume spikes above 200K tokens during 13:45–13:54 UTC
- Final minutes saw muted activity, hinting at potential seller exhaustion
